Ningxia Baofeng Energy Group plans to acquire steam comprehensive pipeline project assets for 450 million yuan.

Ningxia Baofeng Energy Group (600989.SH) announced that it plans to sign an agreement with Ningxia Tianpu Core Technology Co., Ltd. to acquire the assets of the Steam Integrated Pipeline Project (referred to as the "target assets"). The acquisition price is 450 million yuan (including tax), which is basically consistent with the assessed value of the target assets of 449.6453 million yuan (including tax). The funds for acquiring the target assets will come from self-raised funds. After acquiring the steam integrated pipeline, the company can fully utilize the pipeline's transportation capacity. It can supply steam to Ningxia Tianpu Core Technology Co., Ltd. while expanding to supply steam to other enterprises in the Suyin Industrial Park and provide heating to local residents. Additionally, it can expand steam supply to enterprises along the pipeline according to their needs. When expanding the scope of steam supply, it will be necessary to increase the installation of steam pipeline accessories (tees, valves, pipelines, metering instruments, etc.).